CBN CLAIMS NIGERIA ATTRACTS $10.65bn FOREIGN DIRECT INVESTMENT

The Central Bank of Nigeria, CBN, yesterday said the country has attracted Foreign Direct Investment, FDI of $10.65 billion from January 2018 to last month.

Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor, disclosed this in a statement dismissing a media report that the country suffered 40 percent decline in FDI in 2018.

He disclosed that from January 2018 to May 2019, Nigeria attracted total foreign investment into Nigeria stood at $33.27 billion, with FDI accounting for 33 percent or $10.65 billion.

The news that got the rapt attention of Central Bank of Nigeria is a recent quoting World Investment report for 2019 which was released by the United Nations conference on Trade and Development as regards Foreign Direct Investment (FDI) to African countries. This report shows a decrease of over 40 percent in FDI inflow to Nigeria in 2018.

The CBN quickly came to its own defence as they released their own record of FDI which shows a significant increase in Nigeria during the period of 2018 as contrary to the false report.

CBN stated that the total capital inflow to the country in 2018 stood at $19.07 billion out of which the FDI accounted for $7.78 billion.

The central bank holds out that Nigeria continues to enjoy steady capital flows because of its stable macroeconomic environment and increasing investors confidence in the economy.